The Gabelli Equity Trust Inc.
GAB-PK
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- The Gabelli Equity Trust Inc. (NYSE: GAB, GAB-PK) is a non-diversified, closed-end management investment company focused on long-term growth of capital, with income as a secondary objective. The Fund invests primarily in equity securities, including common stocks, preferred stocks, convertible or exchangeable securities, warrants, and rights, with at least 80% of its total assets allocated to equities under normal market conditions; it employs a fundamental, bottom-up value-oriented approach targeting undervalued companies across diversified sectors such as financial services, food and beverage, equipment and supplies, diversified industrial, automotive parts, entertainment, health care, and energy/utilities. The portfolio, managed by Gabelli Funds, LLC—a subsidiary of GAMCO Investors, Inc.—features top holdings like Berkshire Hathaway Inc., American Express Co., Deere & Co., and Republic Services Inc., and maintains a 10% annual distribution policy paid quarterly to common shareholders, which may include return of capital; leverage is employed through multiple series of cumulative preferred shares, including 5.00% Series G (GAB PrG), 5.00% Series H (GAB PrH), 5.45% Series J (GAB PrJ), 5.00% Series K (GAB PrK), and auction rate preferreds (Series C and E). Founded on August 21, 1986 and domiciled in the United States, the Trust is headquartered at One Corporate Center, Rye, New York 10580, with operations centered on U.S. public equity markets but including global exposure through diversified holdings. In May 2025, GAMCO Investors, Inc., the parent entity overseeing the Fund's management, announced and completed the acquisition of Keeley-Teton Advisors, LLC's investment management business from Teton Advisors, Inc., adding approximately $1.0 billion in assets under management, including four mutual funds and around 500 separately managed accounts, while retaining Keeley's experienced team to expand Gabelli's wealth management footprint and client base. The Fund reported a net asset value total return of 12.8% for the year ended December 31, 2024, with its shares delivering 18.3% on a market price basis, amid strong contributions from holdings like American Express Co., Mastercard Inc., and Modine Manufacturing Co., which expanded via its acquisition of Scott Springfield Manufacturing for data center exposure; portfolio net assets stood at approximately $1.3 billion as of recent reporting, with a gross expense ratio of 1.6%.